Disrupting the Accounting World with Artificial Intelligence (AI)
Every legally registered business in the world requires accounting.
Moreover, a majority of the businesses are micro, small or medium-scale businesses that do not have a dedicated accounts division within the company. Hence, to save time and money, the job of accounting is outsourced to other companies. But there arises a problem.
Accounts are forever, but accountants are not. With an increase in demand for accounting services, there is a constant shortage of accountants in these firms. Furthermore, once an accountant leaves a firm, they likely do not return.
Adding to this gap between the supply of accountants and the demand for accounting services, the accountants also find themselves doing tasks that are redundant and menial at the entry-level.
Challenges in the Accounting Process
There are several challenges in the accounting process. Here are some of them that the accountants are facing globally, and can be overcome with Artificial Intelligence (AI).
- Duplicate data entry
- Avoidable human error
- 24×7 support
- Periodic reporting
Many of the entry-level tasks in accounting are bland and outright boring. That is why such tasks are often left to the interns or freshers in the company, while the senior level accountants perform tasks that require greater human intelligence.
That is a large waste of human potential, especially if the candidate has taken up courses like that of ACCA because such menial tasks like entering data and filing basic reports can be automated.
Friendly Solution for Accountants and Businesses
Artificial Intelligence (AI) is the best solution for accountants and businesses. It helps accountants make their job more interesting and faster while it cuts down the costs for other businesses.
Here are some advantages of using AI in accounting.
Smart
AI can help with providing you with data charts and data sets that are out of the ordinary. This will help you gain better insight and take necessary action to increase revenue.
Speed
With the use of AI, the menial accounting tasks that take days to finish can be completed in a matter of minutes or hours!
Accurate
Calculating and storing are among the foundational principles of how a computer works. So, naturally, an AI-driven accounting solution is going to be incredibly accurate compared to its human counterparts.
Tireless
Computers never get tired. They can virtually run 24×7 as long as they are provided with the required power. They do not get exhausted or sick. Therefore, they can offer 24×7 support for clients and customers.
Scalability
AI solutions are based on Machine Learning algorithms. This means that the software grows along with your company!
Reporting
This is probably the best one. While it is only possible for accountants to provide reports and analytics on a weekly or monthly basis, Artificial Intelligence empowers accountants to churn out reports in real-time! From one report a week to one report a day, anything is possible!
Conclusion
In the words of Narayanan Vaidyanathan, head of technology insight at ACCA, ‘Data is the key raw material that feeds machine-learning algorithms’.
As a result, newer accountants have more data to work with and the growth of both the individual and the company becomes exponential!Get started with your growth in the world of accounting by enrolling in SOE Global’s ACCA course today!